Judge Blocks Vote Over Preferred Shares

Greenlight Capital scored a major win over Apple executives in federal court this week.

Greenlight Capital Inc. founder David Einhorn may have won a major battle against Apple, with a federal judge ruling in his favor on Friday to block an upcoming shareholders vote over preferred stock, Reuters reported. The vote, which sparked a fight between Einhorn and Apple executives, would have made it possible for the company to block the creation of preferred shares.

The decision comes a day after Einhorn laid out his plans for iPrefs, or preferred shares, in a public conference call. Greenlight filed a lawsuit against Apple earlier this month in an attempt to open more of Apple's large cash reserves to investors. In his ruling, Judge Richard Sullivan said Greenlight and an other investor "are likely to succeed on the merits and face irreparable harm if the vote on Proposal No. 2 is permitted to proceed."

[Photo by Flickr user Adita21]

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